- Eastern Platinum Limited (ELR) announced the pipeline finance agreement between Investec Bank Limited and Barplats Mine (Pty) Ltd has been updated
- The maximum size of the credit facility was reduced from C$11.3 million to C$8.3 million
- The facility will be used for working capital purposes and funding the restart of the Zandfontein underground section of its flagship Crocodile River Mine in South Africa
- Eastern Platinum Limited owns a number of PGM and chrome assets in the Republic of South Africa
- Eastern Platinum Limited (ELR) opened trading at C$0.175
Eastern Platinum Limited (ELR) announced the pipeline finance agreement between Investec Bank Limited and Barplats Mine (Pty) Ltd has been updated.
The maximum size of the credit facility was reduced from C$11.3 million to C$8.3 million. The facility will be used for working capital purposes and funding the restart of the Zandfontein underground section of its flagship Crocodile River Mine, located near Brits, South Africa. Investec is a leading South African international banking and wealth management group.
Highlights:
- Renewable 12-month revolving commodity finance facility secured by platinum group metal production from the tailings storage facility at the Crocodile River Mine
- Indicative rate on financing – 3-month Johannesburg Interbank Average Rate + margin agreed between the company and Investec. The interest rate is subject to the credit quality of the PGM off-taker on an annual basis.
- Immediate pay-out to the company on the PGM concentrate delivery date
- The maximum size of the credit facility is C$8.3 million.
- Guaranteed prices through a fixed-price swap hedge overlay on platinum, palladium, rhodium, and gold (4E) minerals.
Investec offers international banking, investment, and wealth management services in two principal markets, South Africa and the United Kingdom. Investec’s current market capitalization is approximately £3 billion.
Eastern Platinum Limited owns a number of PGM and chrome assets in the Republic of South Africa. All of the company’s properties are situated on the western and eastern limbs of the Bushveld Complex. This geological environment hosts approximately 80 per cent of the world’s PGM-bearing ore.
Operations at the Crocodile River Mine currently include re-mining and processing its tailings resource to produce PGM and chrome concentrates from the Barplats Zandfontein tailings dam.
Eastern Platinum Limited (ELR) opened trading at C$0.175.
